Even NAR can't deny reality anymore...
BTW, time for new thread?Nov. housing index falls 2.6 percent
By ALAN ZIBEL, AP Business Writer 59 minutes ago
Pending U.S. home sales dipped in November, a trade group for real estate agents said Tuesday, but it expects the sales pace to pick up significantly in the second half of 2008.
In another indication that the housing market's struggles aren't finished, the National Association of Realtors said its seasonally adjusted index of pending sales for existing homes fell 2.6 percent to a reading of 87.6 from an upwardly revised October index of 89.9.
Analysts warned of continued calamity in the ailing U.S. housing market.
"The best thing you can say about pending home sales is that they aren't getting much worse," Mike Larson, a real estate analyst at Weiss Research in Jupiter, Fla., said in a statement. But with the labor market weakening, "you have the recipe for ongoing trouble in housing," Larson said.